Daily Trade: 2 Buy Calls By Rupak De of LKP Securities On 30th Jan, Tuesday

On Monday, the Indian stock market saw a strong spike that was the biggest single-day spike in a month. The Nifty gained 385 points to close at 21,738 while the Sensex surged by 1,241 points to close at 71,942. Heavyweight Reliance Industries and private sector banks drove the bullish impetus that drove benchmark indices to remarkable new heights. Given that the results season is underway and the budget will be unveiled on February 1st, market volatility is probably going to persist in the days ahead.

Market Outlook

Manish Jain, Head - Fund Management, Centrum said, "Indian equity markets rose sharply today on the back of great expectations from the upcoming budget and strong cue from other Asian markets. Private sector banks in particular have driven the market rally as DII's continue value picking at current levels. We believe that the volatility will continue in the coming days as the results season unfolds. The market will also be keenly looking at the upcoming FED meet to see any change in body language, inflation expectations and rate cut cues".

Stocks To Buy Today

Rupak De, Senior Technical Analyst at LKP Securities has recommended the below stocks to buy today, 30th January.

LIC Housing Finance

BUY LICHSGFIN 600 TGT 655/680 SL 578

The stock exhibits a strong uptrend, marked by consistent higher highs and higher lows. Recently, it broke out of a short-term consolidation phase with a bullish candlestick pattern, indicating renewed buying interest. With RSI signalling a bullish crossover, it's opportune to consider a long position between 594-600, setting a stop loss at 578, targeting 655/680.

Indian Overseas Bank

BUY IOB 47.50 TGT 51/54 SL 45.80

The stock has demonstrated significant strength, closing above its swing high and resistance level. Additionally, it is maintaining above its 20-day EMA, indicating short-term bullish momentum. Both RSI and TSI indicators confirm a bullish sentiment. Consider initiating a long position in the stock between 47-47.5, with a stop loss at 45.8 and targets at 51/54.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.